Life Insurance Canada News:

News from 2016


How Much Commission Does Your Agent Get Paid?

Life insurance commissions have been a recent hot topic in the Canadian personal finance community. Certain types of policies pay more first year commission (FYC) than others and this creates the potential for some unscrupulous advisors to give bad advice to their unassuming clients. Consumers have the right to know how their agent is compensated for the type of coverage they are taking out. The risk of a few bad agents recommending only high-paying products is real, so consumers should be ...
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Why You Should Avoid Life and Critical Illness Insurance for Credit Cards

Life insurance or critical illness insurance attached to a credit card is sold as a way to pay off your outstanding credit card balance, but in the fine print you'll discover it's mainly a lucrative money-making scheme for the issuing banks at the expense of policyholders. A one-stop shop for covering your credit card balance in case of illness or death probably sounds incredibly useful and convenient at first. After all, you probably use your credit card daily, so why not pay to clear ...
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Reclaiming Old Life Insurance Policies

Every year, thousands of policyholders in Canada pass away. However, not all of their beneficiaries receive the death benefit they are entitled to. Since some beneficiaries don’t claim their rightful payout after the life insured’s death has occured, the insurance company has no way of knowing the insured has passed away. Some insurance companies assign a time limit for any claim to be made. If you are unable to discover your policy and claim it within a year, then you might not be ...
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How Stress Impacts Your Life Insurance Application

No one in society is a stress-free person. Everyone has to go through stress at some point in his or her life. The quantity and frequency of stress in our lives are variable and can sometimes improve, or worsen situations that we are dealing with. To succeed in life, you need some stress to counter problems and achieve goals that you’ve set over time. However, excessive stress might be dangerous for your physical and mental health. What is stress? Stress is a state of emotional and ...
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What To Do When Your Life Insurance Policy Lapses

What happens to your life insurance coverage if your policy lapses? Will your insurance company be responsible for paying the death benefit on the insured's life if they suddenly pass away? Don't bank on it. If you’ve missed the premium payments for your life insurance policy, and haven't made the missed premium up within a 30-day grace period, your insurance policy will terminate and will no longer provide any insurance coverage or benefits. The 30-Day Grace Period The Grace Period is ...
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Weekly Personal Finance Roundup For January 22, 2016

We rounded up recent articles below from the past week, featuring insights and advice from the brightest minds in personal finance: The Toronto Star reported on the global unemployment numbers are "alarming". The Financial Post detailed one way that the low Loonie will benefit you as a cross-border shopper. They alsorevealed details about the CRA's new auto-fill feature, which will help speed up your tax filing. The Canada Business Review revealed five reasons to review your ...
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Weekly Personal Finance Roundup For January 15, 2016

We rounded up recent articles below from the past week, featuring insights and advice from the brightest minds in personal finance: Marketplace lender Borrowell released results from an interesting survey onhow credit card debt affects Canadians and covered the interesting story behind Blue Monday, statistically the most depressing day of the year. The Globe and Mail discussed five myths about borrowing money to invest, including the common-known thinking that all debt is bad, ...
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What The Financial Experts Own – Lawrence Ian Geller

Lawrence Ian Geller Lawrence Ian Geller President - L.I. Geller Insurance Agencies Ltd. 1. What Type of Life Insurance do you own? Whole life, non participating and universal life using 0 interest rate assumption, all quick pay (10 years). All but one policy is paid up and that one was a conversion of a T5 policy that was done in 2015. 2. What factors did you consider when determining the coverage amount? We are good savers and have no children. We began our policies in the ...
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